Morgan Stanley's Asia wealth push faces poaching pull by ultra-rich

Singapore

ASIA'S swelling ranks of the mega-wealthy are proving to be a mixed blessing for Morgan Stanley.

The firm's Asian private banking unit has boosted assets under management and revenue this year, according to Vincent Chui, who oversees the business. But because top bankers keep getting poached by family offices set up by the richest people, a plan to increase headcount has fallen flat.